Question 1 Winters Hardware Store completed the following me

Question 1 Winters Hardware Store completed the following merchandising transactions in the month of May, At the beginning of May, Winters\' ledger showed Cash of $ 8,800 and Common Stock of $ B.80o May1 Purchased merchandise on account from Black Wholesale Supply for $8.500 terms 1/10.n/3o 2 Sold merchandise on account for $ 5.000. terms 2/10,n/30. The cost of the merchandise sold was $ 3,7s0 5 Received credit from Black Wholesale Supply for merchandise returned $ 600 9 Received collections in full, less discounts, from customers billed on May 2 10 Paid Black Wholesale Supply in full,less discount 11 Purchased supplies for cash $ 990. 12 Purchased merchandise for cash $ 3,410. 15 Received $ 253 refund for return of poor-quality merchandise from supplier on cash purchase 17 Purchased merchandise from Wilhelm Distributors for $ 2.500 terms 2/10, n/30 19 Paid freight on May 17 purchase $ 275 24 Sold merchandise for cash $ 6,050. The cost of the merchandise sold was $ 4,510. 25 Purchased merchandise from Clasps Inc.for $880, terms 3/10, n/30 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $ 135. The returned merchandise had cost $ 91 31 Sold merchandise on account for $ 1,408, terms n/30. The cost of the merchandise sold was $913

Solution

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Cash
Debit	Credit
Beginning	8800	May 10	7821	(8500-600)*99%
May 9	4900	May 11	990	5000*98%
May 15	253	May 12	3410
May 24	6050	May 19	275
		May 27	2450	2500*98%
		May 29	135
Ending Balance	4922
Accounts Receivable
Debit	Credit
May 2	5000	May 9	5000
May 31	1408
Ending Balance	1408
Inventory
Debit	Credit
May 1	8500	May 2	3750
May 12	3410	May 5	600
May 17	2500	May 10	79	(8500-600)*1%
May 19	275	May 15	253
May 25	880	May 24	4510
May 29	91	May 27	50	2500*2%
		May 31	913
Ending Balance	5501
Supplies
Debit	Credit
May 11	990
Ending Balance	990
Accounts Payable
Debit	Credit
May 5	600	May 1	8500
May 10	7900	May 17	2500
May 27	2500	May 25	880
		Ending Balance	880
Common Stock
Debit	Credit
		Beginning	8800
		Ending Balance	8800
Sales Revenue
Debit	Credit
		May 2	5000
		May 24	6050
		May 31	1408
		Ending Balance	12458
Sales Return and allowance
Debit	Credit
May 29	135
Ending Balance	135
Sales Discount
Debit	Credit
May 9	100			5000*2%
Ending Balance	100
Cost of Goods Sold
Debit	Credit
May 2	3750	May 29	91
May 24	4510
May 31	913
Ending Balance	9082